Exhibit 99.2
United Parcel Service, Inc.
Selected Financial Data - First Quarter
(unaudited)
Three Months Ended
March 31
20232022Change% Change
(amounts in millions, except per share data)
Statement of Income Data:
Revenue:
  U.S. Domestic Package$14,987 $15,124 $(137)(0.9)%
  International Package4,543 4,876 (333)(6.8)%
  Supply Chain Solutions3,395 4,378 (983)(22.5)%
  Total revenue22,925 24,378 (1,453)(6.0)%
Operating expenses:
  U.S. Domestic Package13,521 13,462 59 0.4 %
  International Package3,715 3,760 (45)(1.2)%
  Supply Chain Solutions3,148 3,905 (757)(19.4)%
  Total operating expenses20,384 21,127 (743)(3.5)%
Operating profit:
  U.S. Domestic Package1,466 1,662 (196)(11.8)%
  International Package828 1,116 (288)(25.8)%
  Supply Chain Solutions247 473 (226)(47.8)%
  Total operating profit2,541 3,251 (710)(21.8)%
Other income (expense):
 Other pension income (expense)66 331 (265)(80.1)%
  Investment income (expense) and other103 (16)119 N/A
  Interest expense(188)(174)(14)8.0 %
  Total other income (expense)(19)141 (160)N/A
Income before income taxes2,522 3,392 (870)(25.6)%
Income tax expense627 730 (103)(14.1)%
Net income$1,895 $2,662 $(767)(28.8)%
Net income as a percentage of revenue8.3 %10.9 %
Per share amounts:
  Basic earnings per share$2.20 $3.05 $(0.85)(27.9)%
  Diluted earnings per share$2.19 $3.03 $(0.84)(27.7)%
Weighted-average shares outstanding:
  Basic862 874 (12)(1.4)%
  Diluted865 879 (14)(1.6)%
As Adjusted Income Data (1):
Operating profit:
  U.S. Domestic Package $1,488 $1,705 $(217)(12.7)%
  International Package 806 1,120 (314)(28.0)%
  Supply Chain Solutions258 481 (223)(46.4)%
  Total operating profit 2,552 3,306 (754)(22.8)%
Total other income (expense)$(19)$108 $(127)N/A
Income before income taxes $2,533 $3,414 $(881)(25.8)%
Net income $1,904 $2,681 $(777)(29.0)%
Basic earnings per share $2.21 $3.07 $(0.86)(28.0)%
Diluted earnings per share$2.20 $3.05 $(0.85)(27.9)%

(1) See Non-GAAP schedules for reconciliation of adjustments.

.
Prior year amounts may have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Selected Operating Data - First Quarter
(unaudited)
Three Months Ended
March 31
20232022Change% Change
Revenue (in millions):
U.S. Domestic Package:
   Next Day Air$2,461 $2,594 $(133)(5.1)%
   Deferred1,194 1,420 (226)(15.9)%
   Ground11,332 11,110 222 2.0 %
      Total U.S. Domestic Package14,987 15,124 (137)(0.9)%
International Package:
   Domestic794 851 (57)(6.7)%
   Export3,552 3,778 (226)(6.0)%
   Cargo and Other197 247 (50)(20.2)%
      Total International Package4,543 4,876 (333)(6.8)%
Supply Chain Solutions:
   Forwarding1,514 2,589 (1,075)(41.5)%
Logistics1,410 1,251 159 12.7 %
   Other471 538 (67)(12.5)%
      Total Supply Chain Solutions3,395 4,378 (983)(22.5)%
Consolidated$22,925 $24,378 $(1,453)(6.0)%
Consolidated volume (in millions)1,407 1,490 (83)(5.5)%
Operating weekdays64 64 — 0.0 %
Average Daily Package Volume (in thousands):
U.S. Domestic Package:
   Next Day Air1,737 1,945 (208)(10.7)%
   Deferred1,139 1,509 (370)(24.5)%
   Ground15,796 16,287 (491)(3.0)%
      Total U.S. Domestic Package18,672 19,741 (1,069)(5.4)%
International Package:
   Domestic1,635 1,806 (171)(9.5)%
   Export1,682 1,731 (49)(2.8)%
      Total International Package3,317 3,537 (220)(6.2)%
Consolidated21,989 23,278 (1,289)(5.5)%
Average Revenue Per Piece:
U.S. Domestic Package:
   Next Day Air$22.14 $20.84 $1.30 6.2 %
   Deferred16.38 14.701.68 11.4 %
   Ground11.2110.66 0.55 5.2 %
      Total U.S. Domestic Package12.5411.97 0.57 4.8 %
International Package:
   Domestic7.59 7.36 0.23 3.1 %
   Export33.0034.10(1.10)(3.2)%
      Total International Package20.47 20.45 0.02 0.1 %
Consolidated$13.74 $13.26 $0.48 3.6 %








Prior year amounts may have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Detail of Operating Expenses - First Quarter
(unaudited)
Three Months Ended
March 31
20232022Change% Change
(in millions)
Compensation and benefits$11,462 $11,601 $(139)(1.2)%
Repairs and maintenance725 701 24 3.4 %
Depreciation and amortization834 764 70 9.2 %
Purchased transportation3,543 4,607 (1,064)(23.1)%
Fuel1,271 1,220 51 4.2 %
Other occupancy551 501 50 10.0 %
Other expenses1,998 1,733 265 15.3 %
Total operating expenses$20,384 $21,127 $(743)(3.5)%


























































Prior year amounts may have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Consolidated Balance Sheets
March 31, 2023 (unaudited) and December 31, 2022

March 31, 2023December 31, 2022
(amounts in millions)
ASSETS
Current Assets:
Cash and cash equivalents$6,190 $5,602 
Marketable securities3,208 1,993 
Accounts receivable10,448 12,729 
Less: Allowance for credit losses(149)(146)
Accounts receivable, net10,299 12,583 
Other current assets2,028 2,039 
 Total Current Assets21,725 22,217 
Property, Plant and Equipment, Net34,995 34,719 
Operating Lease Right-Of-Use Assets4,089 3,755 
Goodwill4,249 4,223 
Intangible Assets, Net2,811 2,796 
Deferred Income Tax Assets155 139 
Other Non-Current Assets4,165 3,275 
Total Assets $72,189 $71,124 
LIABILITIES AND SHAREOWNERS' EQUITY
Current Liabilities:
Current maturities of long-term debt, commercial paper and finance leases$2,332 $2,341 
Current maturities of operating leases668 621 
Accounts payable6,302 7,515 
Accrued wages and withholdings3,012 4,049 
Self-insurance reserves1,069 1,069 
Accrued group welfare and retirement plan contributions1,196 1,078 
Other current liabilities 1,683 1,467 
Total Current Liabilities16,262 18,140 
Long-Term Debt and Finance Leases19,856 17,321 
Non-Current Operating Leases3,539 3,238 
Pension and Postretirement Benefit Obligations4,602 4,807 
Deferred Income Tax Liabilities4,345 4,302 
Other Non-Current Liabilities3,532 3,513 
Shareowners' Equity:
Class A common stock2 2 
Class B common stock7 7 
Additional paid-in capital— — 
Retained earnings21,510 21,326 
Accumulated other comprehensive loss(1,481)(1,549)
Deferred compensation obligations9 13 
Less: Treasury stock(9)(13)
Total Equity for Controlling Interests20,038 19,786 
Noncontrolling interests15 17 
Total Shareowners' Equity20,053 19,803 
Total Liabilities and Shareowners' Equity$72,189 $71,124 







Prior year amounts may have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Statements of Consolidated Cash Flows
(unaudited)
(amounts in millions)Three Months Ended
March 31
20232022
Cash Flows From Operating Activities:
Net income$1,895 $2,662 
Adjustments to reconcile net income to net cash from operating activities:
 Depreciation and amortization 834 764 
 Pension and postretirement benefit expense 243 201 
 Pension and postretirement benefit contributions (1,277)(45)
 Self-insurance reserves (20)(45)
 Deferred tax (benefit) expense 56 209 
 Stock compensation expense 126 386 
 Other (gains) losses (13)44 
Changes in assets and liabilities, net of effects of business acquisitions:
 Accounts receivable 2,254 1,227 
 Other assets 62 7 
 Accounts payable (1,668)(743)
 Accrued wages and withholdings (508)(343)
 Other liabilities 405 173 
Other operating activities(32)(17)
 Net cash from operating activities 2,357 4,480 
Cash Flows From Investing Activities:
Capital expenditures(609)(548)
Proceeds from disposal of businesses, property, plant and equipment5 — 
Purchases of marketable securities(2,371)(68)
Sales and maturities of marketable securities1,179 60 
Acquisitions, net of cash acquired(34)1 
Other investing activities17 (17)
Net cash used in investing activities(1,813)(572)
Cash Flows From Financing Activities:
Net change in short-term debt— — 
Proceeds from long-term borrowings2,503 — 
Repayments of long-term borrowings(65)(18)
Purchases of common stock(751)(254)
Issuances of common stock49 67 
Dividends(1,348)(1,284)
Other financing activities(384)(481)
Net cash from (used in) financing activities4 (1,970)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash40 15 
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash588 1,953 
Cash, Cash Equivalents and Restricted Cash:
Beginning of period5,602 10,255 
End of period$6,190 $12,208 








Prior year amounts may have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Reconciliation of Free Cash Flow (Non-GAAP measure)
(unaudited)
(amounts in millions)Three Months Ended
March 31
20232022
Cash flows from operating activities$2,357 $4,480 
Capital expenditures(609)(548)
Proceeds from disposals of property, plant and equipment5 — 
Other investing activities17 (17)
   Free Cash Flow (Non-GAAP measure)$1,770 $3,915 















































Prior year amounts may have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Reconciliation of Adjusted Debt to Adjusted EBITDA (Non-GAAP measure)
(unaudited)
(amounts in millions)
TTM(1) Ended
TTM(1) Ended
March 31, 2023March 31, 2022
Net income$10,781 $10,760 
Add back:
Income tax expense3,174 3,023 
Interest expense718 691 
Depreciation & amortization3,258 2,995 
EBITDA17,931 17,469 
Add back (deduct):
Incentive compensation program redesign505 — 
Transformation and other134 205 
Defined benefit plan (gains) and losses(1,028)(15)
Investment income and other pension income(1,261)(1,163)
Adjusted EBITDA$16,281 $16,496 
Debt and finance leases, including current maturities$22,188 $21,881 
Add back:
Non-current pension and postretirement benefit obligations4,602 8,203 
Adjusted total debt$26,790 $30,084 
Adjusted total debt/Net income2.48 2.80 
Adjusted total debt/adjusted EBITDA (Non-GAAP)1.65 1.82 


(1) Trailing twelve months.





































Prior year amounts may have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Reconciliation of Adjusted Return on Invested Capital (Non-GAAP measure)
(unaudited)
(amounts in millions)
TTM(1) Ended
TTM(1) Ended
March 31, 2023March 31, 2022
Net income$10,781 $10,760 
Add back (deduct):
Income tax expense3,174 3,023 
Interest expense718 691 
Other pension (income) expense(1,986)(1,185)
Investment (income) expense and other(303)7 
Operating profit$12,384 $13,296 
Incentive compensation program redesign505 — 
Long-lived asset estimated residual value changes76 — 
Transformation and other$134 $205 
Adjusted operating profit$13,099 $13,501 
Average debt and finance leases, including current maturities$22,035 $22,804 
Average pension and postretirement benefit obligations6,403 8,899 
Average shareowners' equity17,744 11,297 
Average invested capital$46,182 $42,999 
Net income to average invested capital23.3 %25.0 %
Adjusted Return on Invested Capital (Non-GAAP)28.4 %31.4 %


(1) Trailing twelve months.





























Prior year amounts may have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Reconciliation of GAAP and As Adjusted Income Statement Data
(unaudited)
Three Months Ended March 31,
(in millions, except per share data)20232022
As Reported (GAAP)
Transformation & Other Adj.(1)
As Adjusted
(Non-GAAP)		As Reported (GAAP)
Pension Adj.(2)
Transformation & Other Adj.(3)
As Adjusted
(Non-GAAP)		% Change As Rep. (GAAP)% Change
As Adj.
(Non-GAAP)
U.S. Domestic Package$13,521 $22 $13,499 $13,462 $— $43 $13,419 0.4 %0.6 %
International Package3,715 (22)3,737 3,760 — 4 3,756 (1.2)%(0.5)%
Supply Chain Solutions3,148 11 3,137 3,905 — 8 3,897 (19.4)%(19.5)%
Operating expense20,384 11 20,373 21,127 — 55 21,072 (3.5)%(3.3)%
U.S. Domestic Package$1,466 $22 $1,488 $1,662 $— $43 $1,705 (11.8)%(12.7)%
International Package828 (22)806 1,116 — 4 1,120 (25.8)%(28.0)%
Supply Chain Solutions247 11 258 473 — 8 481 (47.8)%(46.4)%
Operating Profit2,541 11 2,552 3,251 — 55 3,306 (21.8)%(22.8)%
Other Income and (Expense):
Other pension income (expense)66 — 66 331 (33)— 298 (80.1)%(77.9)%
Investment income (expense) and other103 — 103 (16)— — (16)N/AN/A
Interest expense(188)— (188)(174)— — (174)8.0 %8.0 %
Total Other Income (Expense)$(19)$— $(19)$141 $(33)$— $108 N/AN/A
Income Before Income Taxes2,522 11 2,533 3,392 (33)55 3,414 (25.6)%(25.8)%
Income Tax Expense627 2629 730 (9)12733 (14.1)%(14.2)%
Net Income$1,895 $9 $1,904 $2,662 $(24)$43 $2,681 (28.8)%(29.0)%
Basic Earnings Per Share$2.20 $0.01 $2.21 $3.05 $(0.03)$0.05 $3.07 (27.9)%(28.0)%
Diluted Earnings Per Share$2.19 $0.01 $2.20 $3.03 $(0.03)$0.05 $3.05 (27.7)%(27.9)%
Weighted-average shares outstanding:
Basic862 874 
Diluted865 879 

(1) Reflects a goodwill impairment charge of $8 million within Supply Chain Solutions and other costs of $15 million, partially offset by a reduction in other employee benefits costs of $12 million.
(2) Represents the impact of curtailment of benefits effective December 31, 2023, for the Canada LTD Retirement Plan.    
(3) Reflects other employee benefits costs of $33 million and other costs of $22 million.








Prior year amounts may have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Supplemental Analysis of Currency - First Quarter
(unaudited)

Reconciliation of Currency Neutral Revenue Per Piece, Revenue and As Adjusted Operating Profit
Three Months EndedCurrency
March 31Neutral
(in millions, except per piece data)
(GAAP)(Non-GAAP)
20232022% ChangeCurrency
2023 (1)
% Change
Average Revenue Per Piece:
International Package:
   Domestic$7.59 $7.36 3.1 %$0.52 $8.11 10.2 %
   Export33.00 34.10 (3.2)%0.95 33.95 (0.4)%
      Total International Package$20.47 $20.45 0.1 %$0.75 $21.22 3.8 %
Consolidated$13.74 $13.26 3.6 %$0.11 $13.85 4.4 %
Three Months EndedCurrency
March 31Neutral
(GAAP)(Non-GAAP)
20232022% ChangeCurrency
2023 (1)
% Change
Revenue (in millions):
  U.S. Domestic Package$14,987 $15,124 (0.9)%$— $14,987 (0.9)%
  International Package4,543 4,876 (6.8)%161 4,704 (3.5)%
  Supply Chain Solutions3,395 4,378 (22.5)%50 3,445 (21.3)%
  Total revenue$22,925 $24,378 (6.0)%$211 $23,136 (5.1)%
Three Months EndedCurrency
March 31Neutral
(Non-GAAP)(Non-GAAP)
20232022% ChangeCurrency
2023 (1)
% Change
As Adjusted Operating Profit (in millions)(2):
  U.S. Domestic Package$1,488 $1,705 (12.7)%$— $1,488 (12.7)%
  International Package806 1,120 (28.0)%51 857 (23.5)%
  Supply Chain Solutions258 481 (46.4)%(5)253 (47.4)%
  Total operating profit$2,552 $3,306 (22.8)%$46 $2,598 (21.4)%

(1) Amounts adjusted for period over period foreign currency exchange rate and hedging differences.
(2) See Non-GAAP schedules for reconciliation of adjustments.




















Prior year amounts may have been reclassified to conform to the current year presentation.


United Parcel Service, Inc.
Aircraft Fleet - As of March 31, 2023
(unaudited)

DescriptionOwned and Finance LeasesOperating Leases & Charters from OthersOn OrderUnder Option
Operating:
Boeing 757-20075 — — — 
Boeing 767-30072 — 27 — 
Boeing 767-300BCF6 — — — 
Boeing 767-300BDSF4 — — — 
Airbus A300-60052 — — — 
Boeing MD-11(1)
40 — — — 
Boeing 747-400F11 — — — 
Boeing 747-400BCF2 — — — 
Boeing 747-8F28 — 2 — 
Other— 286 — — 
          Total290 286 29 — 


(1) Five of the MD-11 aircraft shown above are expected to be retired from operational use during 2023.













































Prior year amounts may have been reclassified to conform to the current year presentation.